VANCOUVER, British Columbia, March 31, 2015 /PRNewswire/ --
Shares Outstanding: 74,618,897
Kootenay Silver Inc. (TSX VENTURE: KTN.V) ("Kootenay") is pleased to announce results from the first six holes of its Phase II drill program on its Promontorio La Negra Silver discovery in Sonora, Mexico. All six holes intercepted significant widths and grades of silver mineralization.
States Kootenay President and CEO James McDonald "We are very pleased with results from the first six holes of our drill program on La Negra. In all six holes, substantial grades of silver mineralization were encountered. This is an exciting development that further supports and re-affirms results from our initial Phase I discovery program. As drilling advances, our objective will be to systematically build on the multiple high-grade silver intercepts encountered to date, as we continue to define the continuity of silver mineralization established on surface and at depth."
- 76 gpt Ag over 138 meters starting from surface includes three separate higher grade intervals;
- 160 gpt Ag over 12 meters,
- 146 gpt Ag over 37 meters with 1 meter of 3040 gpt Ag and
- 115 gpt Ag over 23 meters
- 120 gpt Ag over 60 meters from surface includes;
- 185 gpt Ag over 26 meters and
- 539 gpt Ag over 7 meters
- 72 gpt Ag over 17 meters from 10 meter hole depth
- 110 gpt Ag over 84 meters includes;
- 300 gpt Ag over 8 meters and
- 179 gpt Ag over 18 meters
- 96 gpt Ag over 52 meters includes;
- 183 gpt Ag over 25 meters
- 357 gpt Ag over 8 meters with
- 963 gpt Ag over 2 meters and
- 322 gpt Ag over 5 meters
Details of the intercepts are in the following table:
From To Interval Silver Gold Lead Rock Drill Hole (m) (m) (m) (gpt) (gpt) (%) Type LN-26-15 -45/180 Az 37 72 35 49.37 0.092 0.16 Breccia Including 37 46 9 72.00 0.017 0.17 Breccia Including 68 72 4 129.75 0.070 0.40 Breccia 102m EOH LN-27-15 -70/180 Az 45 97 52 96.86 0.068 0.08 Breccia Including 72 97 25 183.60 0.082 0.10 Breccia Including 72 77 5 322.25 0.152 0.14 Breccia Including 88 96 8 357.37 0.110 0.09 Breccia Including 94 96 2 963.00 0.273 0.11 Breccia 153m EOH LN-28-15 -90/360 Az 55 139 84 110.48 0.079 0.47 Breccia Including 98 116 18 178.94 0.098 0.24 Breccia Including 123 131 8 300.70 0.180 2.04 Breccia 168m EOH LN-29-15 -90/360 Az 3 44 41 47.11 0.012 0.24 Breccia Including 10 27 17 72.61 0.018 0.28 Breccia 78m EOH LN-30-15 -45/330 Az 0 60 60 120.70 0.032 0.43 Breccia Including 22 48 26 185.84 0.041 0.59 Breccia Including 22 29 7 539.28 0.097 1.29 Breccia 102m EOH LN-31-15 -65/360 Az 0 180 180 66.12 0.062 0.22 Breccia/Phyllic Andesite Including 0 138 138 76.20 0.074 0.19 Breccia/Phyllic Andesite Including 34 45 11 104.00 0.034 0.21 Breccia Including 51 74 23 115.95 0.145 0.27 Breccia Including 55 67 12 160.75 0.178 0.18 Breccia Including 101 138 37 146.02 0.103 0.20 Breccia Including 102 103 1 3040.00 0.434 0.24 Breccia Including 162 180 18 62.61 0.039 0.64 Breccia/Phyllic Andesite 222m EOH
Holes LN-26 to 29-15 were drilled southward on the same section defining about 165 meters of dip extent on the east end of the breccia. Hole LN-31-15 was drilled from within the breccia for 165 meters before exiting the footwall. Holes LN-29-15 and 30 were drilled on the west end of the breccia off the collar for LN-25-15.
These first holes were designed to begin expanding the area of known mineralization and to help define the limits and geometry of the breccia. Overall, the breccia is steeply to north dipping with probable minor fault offsets. Ten holes have been completed in this phase and the program is ongoing. Further results will be release once received and compiled.
La Negra is a strong and explosive diatreme breccia as evidenced by the strong tourmaline-sericite-quartz alteration throughout the matrix and dominant sericite alteration of clasts and textures and variety of clasts. Clasts are polymictic including instrusive and extrusive fragments, mineralized fragments and possible basement quartzite fragments indicating deep roots to the system.
La Negra Silver Discovery
The La Negra Breccia prospect is situated approx. 6.5kms north of Kootenay's flagship Promontorio Silver Resource in Sonora, Mexico and is contained within a 25 x 15 km mineralized corridor, the 'Promontorio Mineral Belt.' The Phase II drill program on La Negra follows a successful Phase I drill program, which returned significant and consistent intervals of high grade, widespread silver mineralization extending from surface to depth, confirming a substantial new silver discovery. Highlights included 200 meters of 156 gpt Ag bottoming in 492 gpt Ag over 17 meters above which there is 6 meters of 1337 gpt Ag, 141 gpt Ag over 50 meters, including 212 gpt Ag over 28 meters and 323 gpt Ag over 15 meters. (See news releases, 'Drill Results' October 15th, November 26th and December 3rd, 2014 for more details). The Phase I drill program was led by a successful trenching and surface sampling program that confirmed extensive silver mineralization over a large 100 to 200 meters by 500 meters area on surface. (See news releases from May 28th and June 5th, 2014 for more details).
To View Full Results of Sampling and drill Program Visit: http://www.kootenaysilver.com.
Core is being detailed logged and sampled with half the core being bagged, tagged, catalogued, sealed and sent to an accredited assay lab for analysis. A quality control program including blanks, standards and replicates is being used similar to that used on the Phase I and Promontorio drill program. Geotechnical data such as recovery, RQD and density are being recorded also. Drilling has been diamond drill HQ sized core and is being done by B.D Drilling Mexico, S.A. de C.V from Guadalajara, Mexico. Further Quality Assurance and Control procedures and details on assays procedures and laboratories used are disclosed on the Kootenay Silver Inc. website.
The foregoing geological disclosure has been reviewed and verified by Kootenay's CEO, James McDonald, P.Geo (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects). Mr. McDonald is a director of Kootenay.
Kootenay Silver Inc. is actively developing mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Its flagship property is the former producing Promontorio Silver mine in Sonora State, Mexico. Kootenay's objective is to develop near term discoveries and long-term sustainable growth. Its management and technical team are proven professionals with extensive international experience in all aspects of mineral exploration, operations and venture capital markets. Multiple, ongoing J/V partnerships in Mexico and Canada maximize potential for additional, new discoveries while maintaining minimal share dilution.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: The information in this news release has been prepared as at March 30, 2015. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay's expectations or any change in events, conditions or circumstances on which any such statement is based.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
This press release uses the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
James McDonald, CEO and President at +1-403-238-6986; Ken Berry, Chairman at +1-604-601-5652; +1-888-601-5650; or visit: http://www.kootenaysilver.com
SOURCE Kootenay Silver Inc.